High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

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For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

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<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

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The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

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For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

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The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

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Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

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Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

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The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

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According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

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Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

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Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

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Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

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<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

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A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

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The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

<html><body>
In Australia, thus far, we have avoided the sharp downward cycle experienced in the USA and areas of Europe during which the “pre-crash” environment was stimulated by low interest rates, unregulated credit booms, and to put no lighter word on it – greed.
Inevitably the market has reverted to what could be termed a more balanced atmosphere. Even with the best efforts from our state and federal governments, which are set on promoting growth in the housing sector to make up for a drop in projected mining and yearly profits, our current low interest rate environment and new rounds of swiftly introduced first-home buyer incentives are failing to produce the same level of enthusiasm witnessed during the 2009 buying spree – thus far, at least.
However, we’re reaching that time of year where real estate pundits will dust off the crystal ball and make some future predictions into 2013 – not that we haven’t had a fair few already.  Out will come the property clocks, and we’ll get a lesson in how to tell the house market time in order to assess exactly when “the right time to buy or sell” is.
To do so, most will take a look at lessons from history and evaluate market cycles – and to be fair, it would be foolhardy to ignore previous trends that form repeated patterns over time.
But it’s worth remembering the words of John Toland – a great American author and historian who used a single statement to neatly sum up “historical cycles” in his Pulitzer prize-winning book, The Rising Sun”:
“There are no simple lessons in history,” he commented.” It is human nature that repeats itself, not history.”
Human behaviour dictates historical cycles, not the other way round – hence why the consumer sentiment index is so important when assessing market cycles and can often act contrary to “on-paper” economic forecasts.
The trouble with the housing market is that we have had a decade-long boom in growth, during which median prices in many areas of Australia have more than doubled in nominal terms, and tools such as negative gearing and SMSF investment have been broadly adopted by many mum and dad investors. Reliance on the capital growth of the asset above and beyond inflation to fund retirement has further fuelled the established playing field and resulted in real estate becoming a speculators’ paradise. 
The market is spruiked, tweaked, evaluated, and analysed, and splits groups down the middle as if it were a game of politics.
We have monthly and now “daily” indexes to fixate and <a href="https://www.propertyobserver.com.au/residential/firm-pattern-of-recovery-in-australia-s-housing-markets-just-as-rp-data-rismark-data-showed-tim-lawless/2012111157738" target="_blank">argue over</a> – and with $12.6 billion in revenue set to be raised by state governments through stamp duty alone this financial year, real estate investors and property speculators are not the only ones hoping for “broad-based” market recovery in 2013 – proving once again values are on the up and punters are flocking to the market in an emotional driven foray.
The wealth of our real estate market has the ability to make or break Australia’s bank account, with some estimating its overall value around $4 trillion. It is especially significant as foreign and local real estate investment funds perceive the Australian housing market a relatively “safe” terrain counting on future prospective population growth to underpin prices for many years to come.
However, despite the growing populous, the RBA recently pointed out in its November speech that <a href="https://www.rba.gov.au/speeches/2012/sp-so-131112" target="_blank">“the outlook for dwelling investment”</a> is being negatively impacted by a number of factors, principally “the sharp increase in house prices from 1999 – 2003” along with broad-based development costs, “red tape”, and lack of infrastructure in outer-suburban areas, the cost of which – no longer funded by governments – is now passed onto the developer and consequently home buyer.
As such, new housing demand has fallen short of underlying demand, leaving many scratching their heads wondering why the much-spruiked “housing shortage” and strong population growth has not translated into sales.
It could be argued that even with a slight uplift in the number of seasonal transactions as we approach the end of 2012, a larger population of buyers have determined that the cost of housing is still too high and further corrections to market prices need to be in evidence before they read the property clock as a call to dust off the cheque book and head back out into the housing market terrain.
As if to underline how unaffordable housing is deemed to be on a historical time scale, households are no longer decreasing in size, children are leaving it later to leave the nest and the increase in the number of people sharing accommodation has accelerated.
Lifestyle factors aside, few would argue that affordability and the reluctance to take on debt is not a significant contributor to slowing of growth in local dwelling investment – and this is mirrored in the UK and US, where shared buying schemes are growing in popularity, and the rental market is once again feeling the strain, with groups such as Shelter UK calling for government action to reduce the cost of accommodation for struggling individuals and families.
For investors, housing has long been viewed as a hedge against inflation.  Since the mid-1990s to the peak in 2010 Australia’s housing market has enjoyed long periods during which prices have far exceeded the rate of inflation. However, as shown by some of the oldest housing indexes in the world, house prices that consistently exceed the rate of inflation typically undergo a period of “correction” and remain the same in real terms when viewed over the longer trajectory.
 
<hr class="system-pagebreak">
 
One of the first economists to show this was Yale’s Robert Shiller in his UShouse price index dating back to 1890. Another index also worth mentioning is the oldest housing index in the world – the “Herengracht Index”, which dates back to the 17th century – starting in 1628.
Professor Piet Eichholtz of Real Estate Finance at Maastricht University has undertaken extensive research on the unique document, which follows the change in real estate values along a “prime strip” of the Herengracht Canal in Amsterdam – one that is lined with magnificent single- and double-fronted period terraces. The span of his study extends to the mid-1970s and is fascinating in its content.
Modern indexes are required to adjust for changes in housing stock. For example, as extensions are added or properties upgraded and replaced, keeping an accurate record of median price changes which stratify for the difference is a very real challenge.
In contrast, the Herngracht Index shows a series of repeat sales figures for a small but significant strip of real estate that is relatively stable in type and located in what has remained a premium pocket of Amsterdam.  Therefore the need to stratify is reduced – although, as Eichholtz points out in his extensive report, the original 614 lots have, over time, reduced to 487 properties as adjacent buildings merged to allow for a larger floor area. 
This aside, for the purpose of the study, Eichholtz only makes an allowance for one “hedonic” change – the use of office space, which has added a commercial element to some of the housing’s original residential purpose and obviously has an ongoing impact on price. 
The results are significant – in nominal terms the housing values increased “more than tenfold,” with a ‘bi-annual’ increase of “11.6%” for the period. This is not surprising; after all, the area of real estate under study contains the same local desire as a “golden mile” beach strip in Australia.
However, in real terms the increase in values are largely insignificant – after 345 years of “market cycles,” the inflation-adjusted cost of housing only increased 3.2% – leaving the “real” value broadly the same.
Eicholtz carried out a similar study in rent values for Amsterdam dating from 1550 to 1900.  Once again, the “real” change over the entire period remained at the same level at the end of the study as the beginning.  Despite growth in population, economy and changing vacancy rates, short-term volatility was overridden by long-term “inflation-tracking” stability.
Of course, this study covers a distinct period in history during which trade wars, “tulip mania”, occupation, depression, WW I, WW II and various waves of immigration spurred rapid volatility in boom and bust cycles.
It’s fair to say our region of the world is a tad more stable and as such, the index under study may not be all that relevant in current property investor’s eyes. Opponents to any forthcoming on the horizon Australian property crash cite our strong population growth, limits on land supply as well as good long-term credit, wage growth and somewhat disputable “well-regulated” lending practices as placing a floor beneath prices – and thus far, this has indeed been the case.
However, the post-1950s US market was also considered stable – with Richard Peak from the Federal Reserve Bank of New York confirming back in 2005 that “(house) prices are in line with economic conditions”. Two years later, and his assumptions were starting to show cracks.
Throughout every period of history, it’s been the norm to assume a rosy outlook and the exact timing of any significant or sudden fall in property prices has rarely been predicted with outstanding accuracy.
As I said above, its human behaviour that dictates cycles and on paper figures aside, it is abundantly clear from the low level of transactions throughout the year and reluctance to take on debt that our home buying psychology – at the very least – has changed.   
At the moment, most analysts are pointing towards an improvement in the housing market as we enter 2013 and thus far, this seems to be a fair proposition – however considering the current instability with job losses and some of our larger companies going into receivership, along with continued instability overseas in both Europe and the Middle East, and the RBA describing some of its  previous forecasts as no better than a <a href="https://www.rba.gov.au/publications/rdp/2012/pdf/rdp2012-07.pdf" target="_blank">‘random walk in the park’</a>, there are certainly no guarantees.
There is, however, plenty of solid evidence to show our housing market is unaffordable for a growing populous of young buyers, and crashes, bubbles and long-term housing indexes aside, the RBA, Treasury, and both state and federal governments should be concentrating on keeping prices stable for an extended period of time, rather than placing us back in a low interest rate, incentive driven inflationary environment.
With 2013 in sight and an expected continuation of somewhat tenuous economic conditions, the long-term health of our housing market cannot be sustained unless we seriously address the issues that have pushed house prices out of reach for a growing minority.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
<div style="position: absolute; left: -10000px; top: 0px; width: 1px; height: 1px; overflow: hidden;" id="_mcePaste" class="mcePaste">
However, we’re reaching that time of year where real estate pundits will dust off the crystal ball and make some future predictions into 2013 – not that we haven’t had a fair few already.  Out will come the property clocks, and we’ll get a lesson in how to tell the house market time in order to assess exactly when “the right time to buy or sell” is.
To do so, most will take a look at lessons from history and evaluate market cycles – and to be fair, it would be foolhardy to ignore previous trends that form repeated patterns over time. 
But it’s worth remembering the words of John Toland – a great American author and historian who used a single statement to neatly sum up “historical cycles” in his Pulitzer prize-winning book, The Rising Sun”: 
“<span style='font-size: 10.0pt; line-height: 115%; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;'>There are no simple lessons in history,” <span style='font-size: 10.0pt; line-height: 115%; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; font-style: normal; mso-bidi-font-style: italic;'>he commented.<span style='font-size: 10.0pt; line-height: 115%; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi;'>” It is human nature that repeats itself, not history.” <span style='font-size: 10.0pt; line-height: 115%; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; font-style: normal; mso-bidi-font-style: italic;'> 
<span style='font-size: 10.0pt; line-height: 115%; font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; font-style: normal; mso-bidi-font-style: italic;'>Human behaviour dictates historical cycles, not the other way round – hence why the consumer sentiment index is so important when assessing market cycles and can often act contrary to “on-paper” economic forecasts.
</div>
</body></html>

catherinecashmore-6LXia3pPQj

The centuries-old crystal ball that proves Australia's housing price growth cannot outpace inflation forever

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As project managers, one of our roles is to report to our clients on the progress of their project.  We do this each Friday in a formal written report with photos. The report system proves to be a good record of progress and what happened throughout the project. Our clients get to keep the reports of course and they act as a handy reference tool, giving a snapshot of their project at every stage.
I thought it would make for interesting reading to take some extracts from our weekly client reports on this dual-occupancy project that we have recently completed in the Hunter region of NSW.
The project can be described as: source development site (corner block in Maitland, NSW), design, plan and build two free-standing three-bedroom, two-bathroom, single-storey villas and a two-lot Torrens title subdivision.
You’ll get a taste of the process we managed during this development. Last week we talked about <a href="https://www.propertyobserver.com.au/land/a-dual-occupancy-development-project-from-slab-to-kitchen/2012110857706" target="_blank">what happens from the pouring of the slab through to the kitchen</a>. The slab was poured on June 1, 2012.
3/8/12
The fit-out carpenter was on site this week with the window and door architraves have been installed. Unit 1 is almost complete and work will then move into the second unit today.  Your neighbours have commenced construction on the property next door.
10/8/12
The painters were on site this week, and the waterproofing has been completed to all wet areas: bathrooms, kitchen splashbacks and laundries. Next we will see tiling and baths being delivered and fitted.
17/8/12
The kitchens have been installed and the painting is almost completed. The tiles and the baths have arrived on site and will start to be installed early next week.
24/8/12
The painting is complete, and the tilers are on site this week. The baths have been installed, and the waterproofing around the showers is complete ready for tiling.
<img alt="chiversnov191" src="/images/stories/2012/11/chiversnov191.png" width="470" height="353">
31.8.12
This week the fit-out has commenced. The electrical and plumbing fittings are being installed. On discussing progress with the site manager, the following is expected over the coming weeks
<ul>
<li>Fit-out underway, finished mid next week</li>
<li>Concreter starting on Monday on the driveways</li>
<li>Carpet installed by the end of next week</li>
<li>Then blinds and shower screens the following week</li>
<li>First construction clean next week</li>
<li>Landscaping and fencing approximately the week of September 17</li>
<li>Practical completion inspection approximately three to four weeks, we are aiming for the week of September 17</li>
</ul>
7/9/12
This week the fit was completed and the driveways where poured. The first clean has taken place ready for the carpet to be laid. Landscaping should start to take place soon including the fencing between the units.
<img alt="chiversnov191" src="/images/stories/2012/11/chiversnov192.png" width="470">
 
<hr class="system-pagebreak">
 
14/9/12
Carpets went down this week and the landscaping is scheduled to start on Tuesday, September 18th. Property Bloom will now start to get the ball rolling on tenant procurement; however the occupation certificate is still a number of weeks away yet.
<img alt="chiversnov193" src="/images/stories/2012/11/chiversnov193.png" width="470" height="353">
21/9/12
We met with the leasing agent on site yesterday; we have a longstanding relationship with this agent and an exclusive Property Bloom discount structure in place for our clients.  Their appraisal will be received by mid-next week.
Meanwhile, landscaping has commenced and should be complete today. Fencing will commence on Monday leading up to a practical completion date of October 4.  We have booked the first open house for Friday, October 5, as all works will be completed by then.  We are working with the builder and our private certifier on the occupation certificate and expect them by October 12, which will allow tenants to move in after that date.
28/9/12
Landscaping and fencing is complete. The painter was completing his touch-ups today.
We have confirmed the sealant treatment on the driveways and they should be under way late next week. We are set for the practical completion inspection on Thursday, at which time I will walk through the development with the construction site manager and pick out anything we feel is incomplete or needs attention. We know of a few items that we are hoping will be complete prior to the inspection. These are:
<ul>
<li>Mirrored wardrobe doors (the builder’s supplier has been lagging)</li>
<li>Rainwater tank connection</li>
<li>Driveway sealant – to be done once all tradies are off site</li>
</ul>
To finish the week on a good note, our builder has agreed to tile the rear alfresco dining areas on each unit for free. This is great news and is valued at approximately $2,000 to $3,000. Previously they were to be colour sealed, however as a huge gesture of good faith, they have agreed to tile the entire areas after we complained of the durability of the sealant on other projects.
<img alt="chiversnov194" src="/images/stories/2012/11/chiversnov194.jpg" width="470" height="353">
5/10/12
The PC inspection took place on Thursday. There were still a number of minor items that require attention, which we will have sorted out by mid-next week.
The final inspection for occupation certificate will be next week. I have request this be pushed forward if possible.
12/10/12
The driveways have been sealed and look great. The occupation certificate inspection took place today and we expect our certifiers’ fast turnaround on the OCs.  Our contact at council who is assessing the subdivision, is away today so we will follow up again on Monday.  The first open house is set for 3pm today.
19/10/12  
The occupation certificate has been issued for both units and a second open house was held yesterday afternoon. From the first open we received a strong application. As a result of yesterday’s open,  we received another application of three nurses working at the hospital. The agent is processing their application.  The valuer for the bank is scheduled to conduct their inspection for the builder’s final payment. We anticipate the payment to go through by early next week, at which time we will arrange for handover of the keys so the agent can start the process for the new tenants to move in. 
26/10/112
Tenants are moving into unit 1 tomorrow. We negotiated with our builder to let the agent take the keys prior to settling the final account in good faith and as a favour to Property Bloom due to your bank’s valuer being a little slow in submitting their report and the bank releasing the final drawdown.
2/11/12 - Both units are now leased, with the new tenants moving into unit 2 today.  This is a fantastic result given the OC was issued a matter of days ago. This is now the  final, formal weekly update report, as the project has officially been completed. Of course, we will continue to oversee the registration of your subdivision and are available to assist with any matters to do with your project.  There is a 13-week builders warranty on any defect, so Property Bloom will ensure the agent schedules a follow-up inspection and ask the tenants if there are any issues.  We have ordered depreciation schedules.
 So there it is – this dual-occupancy project was under construction for just 20 weeks.  The building contract stated 26 weeks and we had a few weeks of rain in the early part of the construction phase that did impact on our timing a little, but we are extremely happy with this outcome.  It was a great result for our client as we had tenants in her properties within a few days of receiving the occupation certificates.
I hope this gives you view through the window of property developing. Admittedly this was a smooth project, very straight forward with few hiccups. We did need to iron out a few issues along the way and negotiated some savings for our client not only in dollar value but also in time saved.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development. Property Bloom is holding a small seminar next Tuesday in Brookvale in Sydney. Numbers are strictly limited, but if you think you may be ready to take the next step into a property development and would like to come along, then <a href="mailto:jo@propertybloom.com.au">please email Jo for details </a>
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Dual-occupancy, from slab start to completion in 20 weeks: Jo Chivers

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Hotels have delivered the best total returns for commercial property investors over the past 12 months to September despite a marked decline over this period due to falling CBD room rates, according to the latest Australian Commercial Property Index compiled by the Property Council of Australia and IPD (Investment Property Databank).
The index tracks the performance of over 1,600 commercial property assets held by unlisted property trusts, REITs and government-owned commercial buildings. Annual total returns for the hotel sector fell by 620 basis points over the year to September, but the sector still continues to outperform offices, retail and industrial assets with an annual total return of 11.4%.
Click to enlarge
<a href="/images/stories/2012/11/ipdnov20.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/11/ipdnov20thumb.gif"></a>
“The softening was driven by a decline in average room rates across major CBD hotel markets,” says IPD.
The office sector was the most stable sector over the year to September 2012, showing a slight decline of 30 basis points over the year to record a total return of 10.1%, “predominantly caused by weak demand linked to a soft labour market”.  Retail property was the poorest performer of the property sectors, posting a significant decline of 140 basis points over the year to post an annual total return of 8.8%.  “Weakness in returns was driven by ongoing softness in retail spending and general consumption,” says IPD. Industrial sector returns declined moderately by 50 basis points to post an annual total return of 9.8%.  “Industrial property continues to be supported by a strong income yield, which insulates the sector from capital declines,” says IPD. Across all sectors, IPD’s commercial property index generated a total return of 9.7% for the year ending September 2012, with 7.5% of this coming from an income return (predominantly rental income) and 2% from capital growth.  This was slightly lower than the previous quarter’s total annual return of 10% and down on the 10.6% total return achieved for the year to September 2011. Commenting on the latest quarterly results, Peter McGuinness, research manager of IPD in Australia and New Zealand, says below-trend macroeconomic activity has resulted in softer capital growth and lower total return for the broader Australian property market.  “Looking forwards, the market is exposed to downside risk with continued slowing in China and a moderation in the mining boom, which is likely to result in modest growth over the short to medium term. “The core CBD office markets of Sydney and Melbourne have been negatively impacted by sluggish employment growth and weak net take-up of space, translating into weaker capital growth and lower total returns.  “The non-core CBD office markets of Perth and Brisbane are the current outperformers, but with a slowing in the resource sector, both markets are heavily exposed to downside risk. “In the retail sector, super and major regional shopping centres experienced the largest decline in returns as they were negatively impacted by weakness in discretionary spending.  “Conversely, neighbourhood shopping centres, which are anchored by supermarkets, have been supported by stable food retailing. With their high income yield, neighbourhood centres are expected to outperform larger format centres over the next twelve months.”  “The industrial sector continues to offer an attractive yield play for investors seeking a strong income stream. With capital growth across the broader market expedited to remain soft, a competitive income yield makes industrial property an attractive investment option,” says McGuinness
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Declining hotel returns still offers best reward for investors: IPD

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An attractive unoccupied commercial building in the Brisbane coastal suburb of Sandgate dating back to the 1930s has been listed for auction, with price expectations starting from $400,000.
It could fit nicely into the portfolio of a small investor or SMSF portfolio or could appeal to a business looking to own its own premises.
Located at <a target="_blank" href="https://www.realestateview.com.au/Real-Estate/1-loudon-street-sandgate/Property-Details-buy-commercial-4653913">1 Loudon Street</a>, <a target="_blank" href="/news">Sandgate</a>, the 130-square metre property is split over two levels and has previously been host to a bank, a hotel and a boarding house.
<img src="/images/stories/2012/11/loudon.jpg">
It stands at the end of a fork comprising Loudon Street and Seymour Street and is a short walk from the Sandgate train station.
It last sold in 1997 for $200,000 but has remained within the same family.
It has the potential to be occupied or leased as offices or retail premises and comes with three partitioned offices, a boardroom and a reception.
The premises are being marketing by Lawrence Temple and Hudson Dale of Raine &amp; Horne Commercial Brisbane North, who tell Property Observer they have received a significant number of enquiries since the start of November.
The land area is 167 square metres and offers two car spaces.
The property will be auctioned on December 5 at 11am.
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Two-storey 1930s commercial building in Sandgate, Brisbane has $400,000 auction hopes

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The Melbourne and Sydney properties featured on Property Observer in this week's auction tipping competition failed to perform at auction. 
There’s a website, <a href="https://www.propertytycoon.com.au/" target="_blank">www.propertytycoon.com.au</a>, where punters can guess what they think properties will sell for at their weekend auctions in Melbourne and Sydney. This season <a href="https://www.propertytycoon.com.au/join-league/S7S123C487R8OOQF" target="_blank" rel="nofollow" style="font-size: 14px;">Property Observer readers have their own competition, which you can access here</a><a href="https://www.propertytycoon.com.au/join-league/S7S123C487R8OOQF" rel="nofollow">.</a> The winner of the overall competition will win $1,000.
Although a lot of buyers fell in love with "Waterfall Art Deco" at 1 Laurencia Court, <a target="_blank" href="/news">Mont Albert</a> (pictured below), there was something holding the buyers back and the auction failed to gain any traction. 
<img src="/images/stories/2012/11/laurenci.jpg">


Auctioneer Steven Abbot from Jellis Craig was forced to open the auction with two vendor bids before he went inside for the half-time break. When he came back out to restart the auction holding a vendor bid of $1.3 million,  he was offered the one and only live bid $60,000 below that figure. The property was passed in and now has a reserve in excess in $1.4 million. 

You can view the auction highlights on our <a target="_blank" href="https://propertytycoon.createsend1.com/t/r-l-kuituty-ekdeljiy-j/">Facebook</a> page. In Sydney the view is great but unfortunately the $2.5 million price tag was too much for buyers at 15 Shackel Street, <a target="_blank" href="/news">Clovelly</a> (pictured below), and when no one registered an intention to bid the property was withdrawn. 
<img src="/images/stories/2012/11/shackel.jpg">
When you bid at an auction it means you must be in a position to sign an unconditional contract. Although there were a couple of interested parties that turned up on the day none was in a position to sign an unconditional contract.

Daniel Gillespie from Belle Property is confident the property will sell in the coming days.

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Something holding back buyers at Melbourne and Sydney auction tipping properties

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Melborne's improving auction clearance rate represents growing consumer confidence, says the Real Estate Institute of Victoria's Robert Larocca.
<iframe src="https://player.vimeo.com/video/53777475" width="470" height="264" frameborder="0" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>
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First time in two years with four Melbourne 900-plus auction weekends in a row

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US private equity firm the Blackstone Group has become a major retail mall player in Australia after acquiring the in-debted Top Ryde City shopping centre in Sydney for $341 million from receivers McGrathNicol.
The mall on the corner of Devlin Street and Blaxland Road in Ryde has been in the hands of receivers since February 2011 after a syndicate of four banks foreclosed on retail development tycoon John Beville’s Bevillesta Pty Limited, after it was unable to meet the repayments on loans that financed its $800 million re-development.
It collapsed just six months after its grand re-launch attended by the prime minister. The shopping centre was valued at $840 million four years ago.
It covers 78,000 square metres of retail space and ranks among the 40 biggest shopping centres in Australia.
According to a report in the Australian Financial Review, Blackstone fought off competition from both local and overseas institutional investors to acquire the shopping centre.
Bidders for the mall included Lend Lease fund’s management unit and investment bank, Goldman Sachs, Melbourne businessman and shopping centre manager Sam Alter, super fund ISPT and listed property trust, CFS Retail Property Trust.
The mall was marketed by Simon Rooney of Jones Lang LaSalle via an expressions of interest sales campaign.
 
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New York-based Blackstone Group buys Top Ryde mall for $341 million

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Federal Treasurer Wayne Swan has once again waded into the debate over whether the Reserve Bank should cut the cash rate on December 4.
In a Treasury note over the weekend, Swan says the government’s forecast of a return to a budget surplus in the current financial year “gives the Reserve Bank more room to move on interest rates”.
“That’s the equivalent of six cuts to the official cash rate. For a family with a $300,000 standard variable mortgage, our responsible budget management has helped deliver a saving of around $4,500 a year in repayments compared to when the Government came to office,” says Swan.
By a majority of one, <a href="/news">economists polled by Bloomberg on Friday</a> tip the RBA to leave the cash rate on hold on December 4.
Tomorrow’s release of the minutes of the November monetary policy meeting and a speech by RBA governor Glenn Stevens will give clues as to the thinking of the RBA about a possible rate cut in December.
These are the lowest advertised mortgage rates based on listings by <a href="https://www.ratecity.com.au/" target="_blank">ratecity.com.au</a>, <a href="https://mozo.com.au/" target="_blank">Mozo.com.au</a> and <a href="https://www.infochoice.com.au/" target="_blank">infochoice.com.au</a> as of November 19:
Lowest variable rate offerings:
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="134">
Provider
</td>
<td valign="top" width="124">
Loan name
</td>
<td valign="top" width="97">
Rate
</td>
<td valign="top" width="116">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="134">
Loans.com.au
</td>
<td valign="top" width="124">
Blackboard special
</td>
<td valign="top" width="97">
5.42%
</td>
<td valign="top" width="116">
5.45%
</td>
</tr>
<tr>
<td valign="top" width="134">
My mortgage freedom.com.au
</td>
<td valign="top" width="124">
Low rate -LVR up to 75%
</td>
<td valign="top" width="97">
5.43%
</td>
<td valign="top" width="116">
5.74%
</td>
</tr>
<tr>
<td valign="top" width="134">
UBank
</td>
<td valign="top" width="124">
UHomeloan – refinance only
</td>
<td valign="top" width="97">
5.47%
</td>
<td valign="top" width="116">
5.47%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="137">
Provider
</td>
<td valign="top" width="123">
Loan name
</td>
<td valign="top" width="95">
Rate
</td>
<td valign="top" width="114">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="137">
UBank
</td>
<td valign="top" width="123">
UHomeloan – refinance only
</td>
<td valign="top" width="95">
4.79%
</td>
<td valign="top" width="114">
5.40%
</td>
</tr>
<tr>
<td valign="top" width="137">
Community First
</td>
<td valign="top" width="123">
Honeymoon
</td>
<td valign="top" width="95">
4.99%
</td>
<td valign="top" width="114">
6.46%
</td>
</tr>
<tr>
<td valign="top" width="137">
My mortgage freedom.com.au
</td>
<td valign="top" width="123">
Low rate -LVR up to 75%
</td>
<td valign="top" width="95">
4.99%
</td>
<td valign="top" width="114">
5.78%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table border="1" cellspacing="0" cellpadding="0" width="470"><tbody>
<tr>
<td valign="top" width="132">
Provider
</td>
<td valign="top" width="131">
Loan name
</td>
<td valign="top" width="96">
Rate
</td>
<td valign="top" width="111">
Comparison rate*
</td>
</tr>
<tr>
<td valign="top" width="132">
UBank
</td>
<td valign="top" width="131">
UHomeloan – refinance only
</td>
<td valign="top" width="96">
5.13%
</td>
<td valign="top" width="111">
5.40%
</td>
</tr>
<tr>
<td valign="top" width="132">
Pacific Mortgage Group
</td>
<td valign="top" width="131">
Three year fixed
</td>
<td valign="top" width="96">
5.19%
</td>
<td valign="top" width="111">
5.43%
</td>
</tr>
<tr>
<td valign="top" width="132">
CUA
</td>
<td valign="top" width="131">
Fixed rate home loan
</td>
<td valign="top" width="96">
5.30%
</td>
<td valign="top" width="111">
5.90%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
For information on refinancing, watch our free webinar <a href="/news">Refinancing and the Interest Rates Riddle</a>
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Room for RBA to move on rates, says Wayne Swan: Guide to the lowest rate mortgages, fixed and variable as of November 19

<html><body>Australian Property Monitors (APM) has released a list of results from 419 auctions in Sydney for the weekend of November 17. The clearance rate was 62.1%. <a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank"> Click here</a> for the auction results, and click on each street address to see the property's marketing.</body></html>

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APM's 419 Sydney auction results show 62.1% clearance rate

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The Reserve Bank is falsely pinning its hopes that lower interest rates will stimulate a recovery in housing construction, according to Bank of America Merrill Lynch Australia economists Saul Eslake and Alex Joiner.
They point to the muted impact that six rate cuts since November last year have had to date on both house prices and building approval figures – the weakest response to monetary policy stimulus in a decade – and anticipate only a "relatively moderate" recovery in residential construction" compared with previous cycles.
The RBA is hoping that when the mining and liquid natural gas (LNG) investment boom tails off in the next few years, the slack will be taken up by a boom in housing construction and a broader recovery in the housing market.


Last week, Jonathan Kearns,head of economic analysis at the RBA, said in a speech on the outlook for dwelling investment that there were “tentative signs” that investment in housing “will pick up which would, in part, offset the smaller contribution to growth that we expect from resource investment in the coming years”. 
But in a research report, Eslake and Joiner say that despite the RBA being over a year into the current monetary policy easing cycle, "the response from both house prices and residential construction has so far been measured at best".
Click to enlarge
<a href="/images/stories/2012/11/rbanov19.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/11/rbanov19thumb.gif"></a>
"We argue that due to structural and cyclical factors that any upswing in dwelling prices and investment over the coming year will remain relatively modest compared with previous cycles," they say.
The cash rate has fallen 150 basis points between November 2011 and October 2012, and banks’ standard variable mortgage rates have dropped 120 basis points in response, but Eslake and Joiner calculate that median house prices are still 1.2% lower than they were in October 2011 and have climbed just 2% since bottoming out in May.

In comparison, house prices increased by nearly 37% after the Reserve Bank cut interest rates by 200 basis points (from a cash rate of 6.25% to 4.25%) between January 2001 and December that year, and by a further 16% after the GFC, when the RBA cut the cash rate by 425 basis points from September 2008 to April 2009 (7.25% to 3%).

Building approval figures for detached houses – a forward indicator of future construction activity – have also not responded to the current rate-cutting cycle and are down 1.8% for the year to September in comparison with the units and apartment approval, which are up 41.6% year-on-year.
"This underperformance of detached housing approvals in particular is likely to result in the overall recovery in approvals and subsequently residential construction in the coming year being significantly less pronounced than in previous cycles," say Eslake and Joiner.
"This is especially true when we note that at least part of the strength in ‘other’ approvals was prompted by regulatory changes and alterations to state governments’ first home buyer grants (which will nonetheless boost dwelling investment growth in the short term).
"Our rationale for this is that despite easier monetary policy and Commonwealth and state government initiatives designed to boost the supply of housing (first home buyer grants, negative gearing etc) several factors are conspiring against any significant and sustained addition to housing supply."
 
<hr class="system-pagebreak">
These include macroeconomic headwinds (slowing activity and higher unemployment), regulatory processes becoming "ever more burdensome, drawn out and costly", high infrastructure and developer costs and softer sale prices.
Other reasons noted by Eslake and Joiner include a winding back of some government housing grants and slower income growth as seen in last week quarterly wage price index which eased back to 0.7% quarter-on-quarter growth below 0.9% to 1% growth in the last three quarters.
They also note that housing finance approval levels are "gradually rising spurred by lower mortgage interest rates and improved sentiment towards the housing market" which should continue in coming months.
"However, with approvals levels only 10% higher than lows experienced in early 2011 the recovery been less than convincing thus far (levels remain 10% below average levels since 2000)."
"With uncertainty in the labour market high, household caution will likely keep the recovery in approvals levels more modest than we have seen in previous monetary policy easing cycles. This will cap any recovery in housing credit growth going forward from what is currently historically low on an annual basis."
“With the debt to income ratio now having ‘plateaued’ at around 150%, households have seemingly recognised a limit to their borrowing capacity.

“As such, a more modest expansion of incomes will result not only in lower house price growth but also significantly slower growth in housing credit,” they say.
Looking ahead to the December 4 RBA meeting, Eslake and Joiner say the RBA minutes from the November board meeting (out tomorrow) "are not likely to say too much that last week’s statement on monetary policy hasn’t already".
"The sentiment from the RBA is that rates are at an appropriate level for the time being.
"We are still marginally biased towards a cut in December and will assess the data flow leading into the meeting (including building approvals, retail sales and some partial third quarter GDP data) to ascertain whether there is likely a need for a further easing of policy in the short term."
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